Home sales in the Hamptons, the Long Island beach retreat for summering Manhattanites, rose 21 percent in the first quarter, led by lower-priced properties after a year-end selling rush drained the area of luxury deals.
East Hampton, New York, which counts comedian Jerry Seinfeld and entrepreneur Martha Stewart as residents, had its credit rating lowered by Moody’s Investors Service because of drained reserves and projected borrowing.
Every dawn in the early spring of 2011, Matthew Kluger peered out his window, wondering when federal agents would knock at his door. Kluger, a mergers-and- acquisitions lawyer, says he worried that authorities were closing in on him as the source of illegal tips in a three-man insider-trading ring that had eluded detection for 17 years.
Home sales in the Hamptons, Wall Street’s summer retreat, fell 22 percent in the first quarter after snowfalls hampered buyer interest and sellers made deals late last year in anticipation of higher capital gains taxes.